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Table of Contents
1a. Are you more or less optimistic about the economy of the country where you are based compared to last quarter?
1
1b. Rate your optimism about the economy of the country where you are based on a scale from 0-100, with 0 being the
least optimistic and 100 being the most optimistic.
2
2a. Are you more or less optimistic about the financial prospects for your own company compared to last quarter?
3
2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the
least optimistic and 100 being the most optimistic.
4
3. What are the top three external concerns facing your corporation? (rank #1, #2, #3)
5
3. What are the top three external concerns facing your corporation? Reverse scale & weighted by the number of respondents
(Higher number = greater weighted importance)
6
3. What are the top three external concerns facing your corporation? - Other specified
7
4. What are the top three internal, company-specific concerns for your corporation? (rank #1, #2, #3)
8
4. What are the top three internal, company-specific concerns for your corporation? Reverse scale & weighted by the
number of respondents (Higher number = greater weighted importance)
9
4. What are the top three internal, company-specific concerns your corporation faces? - Other specified
10
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
(e.g., +3%, -2%, etc.) [Leave blank if not applicable]
11
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months
for: [Unweighted - Sorted]
12
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[All Companies - Winsorized - Revenue Weighted - Sorted]
13
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[All Companies - Winsorized - Employee Weighted - Sorted]
14
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[Public Companies - Winsorized - Revenue Weighted]
15
6. Relative to 2008, does your company plan to adjust its target compensation mix for 2010?
16
6b. How do you plan to change each of the following components as a proportion of total compensation?
17
6b. How do you plan to change each of the following components as a proportion of total compensation - Other specified
18
7a. When do you anticipate domestic employment at your firm to return to year-end 2007 levels?
19
7a. Estimate of the number of months before domestic employment at your firm returns to year-end 2007 levels?
(excludes "possibly never" & "already exceeding")
20
7b. If demand for your product was to increase in 2010, would your company increase workforce in response?
21
8. How would you rate your employees' morale level?
22
9. Has your company taken any of the following actions in the past 20 months?
23
9. Has your company taken any of the following actions in the past 20 months? Will you restore these areas to
pre-recession levels during 2010?
24
10. Has your company taken any actions in the past 20 months that you feel could reduce your company's long-term
growth prospects?
25
10b. Our growth prospects are reduced because … (check all that apply)
26
11a. How much does your firm hold in cash and marketable securities?
27
11a. How much does your firm hold in cash and marketable securities BY Credit Rating
28
11b. Why do you have less cash today? (Rank #1, #2, #3)
29
11b. Why do you have less cash today? (Higher number = greater weighted importance)
30
11b. Why do you have less cash today BY Credit Rating (Higher number = greater weighted importance)
31
11b. Why do you have less cash today? (Rank #1, #2, #3) - Other specified
33
11b. Why are you maintaining more cash today? (Rank #1, #2, #3)
34
11b. Why are you maintaining more cash today? (Higher number = greater weighted importance)
35
11b. Why are you maintaining more cash today BY Credit Rating (Higher number = greater weighted importance)
36
11b. Why are you maintaining more cash today? (Rank #1, #2, #3) - Other specified
38
12a. Does your company have a bank line of credit?
39
12a. Does your company have a bank line of credit BY Credit Rating
40
12b. To what extent has your firm drawn on its lines of credit?
41
12b. To what extent has your firm drawn on its lines of credit BY Credit Rating [Only firms that have a bank line of credit] 42
12c. Why are you relying less heavily on your credit line? (check all that apply)
43
12c. Why are you relying less heavily on your credit line BY Credit Rating [Only firms that have a bank line of credit]
44
12c. Why are you relying less heavily on your credit line? - Other specified
45
12c. Why are you relying more heavily on your credit line? (check all that apply)
46
12c. Why are you relying more heavily on your credit line BY Credit Rating [Only firms that have a bank line of credit]
47
12c. Why are you relying less heavily on your credit line? - Other specified
48
13a. Are banks more willing to make loans to your firm today compared to Summer 2008 (pre-crisis)
13a. Are banks more willing to make loans to your firm today compared to Summer 2008 (pre-crisis) BY Credit Rating
13b. Are banks more willing to make loans to your firm today compared to Summer 2008 (pre-crisis)? If less willing...
(check all that apply)
13b. Are banks more willing to make loans to your firm today compared to Summer 2008 (pre-crisis)? If less willing...
BY Credit Rating
13b. Are banks more willing to make loans to your firm today compared to Summer 2008 (pre-crisis)? If less willing –
Other specified
14. Does your company have profitable investment opportunities that would lead to long-term growth but for which
access to funding is restricted?
14. Does your company have profitable investment opportunities that would lead to long-term growth but for which access
to funding is restricted? BY Credit Rating
Industry
Industry (Other specified)
Sales Revenue
Weighted Sales Revenue (Millions)
Number of Employees
Weighted Number of Employees
Headquarters
Headquarters Asia (Other Specified)
If your company headquarters is another country, please indicate which country.
Ownership
Foreign Sales
What is your company's credit rating?
What is your company's credit rating?
What is your company's credit rating?
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
66
67
68
69
70
1
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
1a. Are you more or less optimistic about the economy of the country where you are based compared
to last quarter?
3=More optimistic
2=No change
1=Less optimistic
Total
Mean = 2.6
SD = 0.7
Missing Cases = 0
Response Percent = 100.0 %
Number
247
41
46
334
Percent
74.0 %
12.3 %
13.8 %
100.0 %
95% CI
± 4.7 %
± 3.5 %
± 3.7 %
2
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
1b. Rate your optimism about the economy of the country where you are based on a scale from 0-100,
with 0 being the least optimistic and 100 being the most optimistic.
Minimum = 4
Maximum = 100
Mean = 67.4
Median = 70
Standard Deviation (Unbiased) = 16.6
95 Percent Confidence Interval Around The Mean = 65.4 - 69.4
4 Groups
1 = 60
2 = 70
3 = 80
Valid Cases = 272
Missing Cases = 62
Response Percent = 81.4%
3
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
2a. Are you more or less optimistic about the financial prospects for your own company compared to
last quarter?
3=More optimistic
2=No change
1=Less optimistic
Total
Mean = 2.5
SD = 0.8
Missing Cases = 1
Response Percent = 99.7 %
Number
241
33
59
333
Percent
72.4 %
9.9 %
17.7 %
100.0 %
95% CI
± 4.8 %
± 3.2 %
± 4.1 %
4
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100,
with 0 being the least optimistic and 100 being the most optimistic.
Minimum = 4
Maximum = 100
Mean = 68.9
Median = 70
Standard Deviation (Unbiased) = 18.3
95 Percent Confidence Interval Around The Mean = 66.7 - 71.0
4 Groups
1 = 60
2 = 70
3 = 80
Valid Cases = 275
Missing Cases = 59
Response Percent = 82.3%
5
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
3. What are the top three external concerns facing your corporation? (rank #1, #2, #3)
(N=334)
Consumer demand
Mean & SD
1.7
0.8
1st
74
22.2%
2nd
41
12.3%
3rd
31
9.3%
Total
146
43.7%
Other:
1.8
1.0
9
2.7%
2
0.6%
6
1.8%
17
5.1%
Price pressure
1.9
0.8
68
20.4%
61
18.3%
49
14.7%
178
53.3%
Domestic competition
1.9
0.8
54
16.2%
39
11.7%
41
12.3%
134
40.1%
Credit markets/interest rates
2.0
0.8
20
6.0%
21
6.3%
19
5.7%
60
18.0%
Foreign competition
2.0
0.8
19
5.7%
24
7.2%
20
6.0%
63
18.9%
Stability of local and central government
2.1
0.9
12
3.6%
8
2.4%
14
4.2%
34
10.2%
Cost of fuel
2.1
0.8
14
4.2%
22
6.6%
18
5.4%
54
16.2%
Housing market fallout
2.1
0.7
4
1.2%
9
2.7%
6
1.8%
19
5.7%
Environmental regulation
2.1
0.9
4
1.2%
4
1.2%
6
1.8%
14
4.2%
The financial/banking system
2.2
0.8
9
2.7%
10
3.0%
15
4.5%
34
10.2%
Volatility of foreign currencies
2.2
0.8
18
5.4%
24
7.2%
32
9.6%
74
22.2%
Cost of non-fuel commodities
2.2
0.8
5
1.5%
9
2.7%
10
3.0%
24
7.2%
Government policy
2.2
0.8
16
4.8%
31
9.3%
34
10.2%
81
24.3%
Financial regulation
2.3
0.6
2
0.6%
13
3.9%
8
2.4%
23
6.9%
Trade policies and trade agreements
2.3
0.8
4
1.2%
6
1.8%
9
2.7%
19
5.7%
6
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
3. What are the top three external concerns facing your corporation? Reverse scale & weighted by the
number of respondents (Higher number = greater weighted importance)
Mean
SD
Total
Price pressure
1.13
1.21
332
Consumer demand
1.01
1.26
332
Domestic competition
0.85
1.16
332
Government policy
0.43
0.85
332
Volatility of foreign currencies
0.40
0.84
332
Foreign competition
0.38
0.85
332
Credit markets/interest rates
0.36
0.85
332
Cost of fuel
0.31
0.78
332
Stability of local and central government
0.20
0.65
332
The financial/banking system
0.19
0.61
332
Cost of non-fuel commodities
0.13
0.51
332
Financial regulation
0.12
0.47
332
Housing market fallout
0.11
0.47
332
Other:
0.11
0.52
332
Trade policies and trade agreements
0.10
0.45
332
Environmental regulation
0.08
0.41
332
7
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
3. What are the top three external concerns facing your corporation? - Other specified
china/india factor
Credit Defaults by retail customers
exposure to Middle East, high risk countries
External economic factors
health care policy
High attrition
Inertia
Lack of political will to reform sector
Land Regulation Law
Legal Assurance
Mob handling
New in the market. Awareness
political issue
Politics & Corruption
Reading habits of consumers
regulatory arbitrage
Slow down of export
Tight employment market
Willingness of consumer to invest in capital assets
8
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
4. What are the top three internal, company-specific concerns for your corporation? (rank #1, #2, #3)
(N=334)
Attracting and retaining qualified
employees
Mean & SD
1.7
0.8
1st
76
22.8%
2nd
49
14.7%
3rd
27
8.1%
Total
152
45.5%
Other:
1.8
1.0
10
3.0%
1
0.3%
6
1.8%
17
5.1%
Margin maintenance
1.8
0.8
81
24.3%
52
15.6%
42
12.6%
175
52.4%
Ability to forecast results
1.9
0.8
54
16.2%
40
12.0%
42
12.6%
136
40.7%
Counterparty risk
2.0
0.9
10
3.0%
6
1.8%
9
2.7%
25
7.5%
Balance sheet weakness
2.1
0.9
20
6.0%
14
4.2%
25
7.5%
59
17.7%
Working capital management
2.2
0.8
27
8.1%
39
11.7%
47
14.1%
113
33.8%
Supply chain risk
2.2
0.7
11
3.3%
29
8.7%
22
6.6%
62
18.6%
Maintaining morale/productivity
2.2
0.7
23
6.9%
51
15.3%
44
13.2%
118
35.3%
Managing IT systems
2.2
0.9
13
3.9%
12
3.6%
22
6.6%
47
14.1%
Protection of intellectual property
2.2
0.6
2
0.6%
14
4.2%
7
2.1%
23
6.9%
Illness (flu)
2.2
0.7
1
0.3%
5
1.5%
3
0.9%
9
2.7%
Data security
2.4
0.8
2
0.6%
3
0.9%
6
1.8%
11
3.3%
Cost of health care
2.5
0.5
0
0.0%
3
0.9%
3
0.9%
6
1.8%
Pension obligations
2.8
0.4
0
0.0%
1
0.3%
5
1.5%
6
1.8%
9
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
4. What are the top three internal, company-specific concerns for your corporation? Reverse scale &
weighted by the number of respondents (Higher number = greater weighted importance)
Mean
SD
Total
Margin maintenance
1.18
1.26
330
Attracting and retaining qualified employees
1.07
1.27
330
Ability to forecast results
0.86
1.16
330
Maintaining morale/productivity
0.65
0.98
330
Working capital management
0.62
0.98
330
Supply chain risk
0.34
0.78
330
Balance sheet weakness
0.34
0.82
330
Managing IT systems
0.26
0.71
330
Counterparty risk
0.15
0.59
330
Protection of intellectual property
0.12
0.48
330
Other:
0.12
0.54
330
Data security
0.05
0.33
330
Illness (flu)
0.05
0.31
330
Cost of health care
0.03
0.21
330
Pension obligations
0.02
0.16
330
10
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
4. What are the top three internal, company-specific concerns your corporation faces? - Other
specified
Ability to develop products
Ability to execute
availability of Raw materials
capacity utilization
Change of leadership
decision making
Finding customers
generating responsive lists
Growing the business
High attrition
Management style
managing expansion
Price Undercutting
Product development
qa/qc regulations
11
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during
the next 12 months? (e.g., +3%, -2%, etc.) [Leave blank if not applicable]
Mean
SD
95% CI
Capital spending
20.38
48.30
13.49 - 27.26
Earnings
17.23
41.51
Technology spending
16.10
Cash on the balance sheet
Productivity (output per hour worked)
Median
Minimum
Maximum
Total
5
-80
300
189
11.38 - 23.09
10
-80
300
193
55.65
6.35 - 25.86
5
-30
450
125
11.69
39.06
5.75 - 17.63
5
-90
200
166
11.02
30.91
5.69 - 16.36
5
-30
300
129
Dividends
9.88
34.73
-1.97 - 21.73
0
-50
100
33
Number of domestic full-time employees
9.49
34.00
4.38 - 14.61
5
-40
335
170
Research and development spending
8.61
29.95
2.53 - 14.70
3
-25
200
93
Marketing/advertising spending
7.93
23.50
4.17 - 11.69
4.50
-50
200
150
Wages/Salaries
7.78
13.22
6.02 - 9.54
5
-20
124
217
Number of off-shore/outsourced employees
7.24
19.82
2.66 - 11.81
0
-50
100
72
Health care costs
5.93
10.26
3.80 - 8.06
3
-35
45
89
Number of domestic temporary employees
5.51
15.55
2.33 - 8.69
2.50
-50
77
92
Prices of your products
2.86
12.84
0.95 - 4.77
3
-65
80
173
Share repurchases
0.56
7.15
-1.53 - 2.64
0
-20
40
45
12
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during
the next 12 months for: [Unweighted - Sorted]
(N=334)
Mean & SD
Wages/Salaries
0.8
0.5
Positive
1
190
87.6%
Zero
0
12
5.5%
Negative
-1
15
6.9%
Total
217
100.0%
Technology spending
0.7
0.7
96
76.2%
17
13.5%
13
10.3%
126
100.0%
Productivity (output per hour worked)
0.6
0.7
100
77.5%
12
9.3%
17
13.2%
129
100.0%
Health care costs
0.6
0.6
59
66.3%
26
29.2%
4
4.5%
89
100.0%
Capital spending
0.6
0.7
146
77.2%
13
6.9%
30
15.9%
189
100.0%
Earnings
0.6
0.8
148
76.7%
11
5.7%
34
17.6%
193
100.0%
Cash on the balance sheet
0.5
0.8
121
72.5%
11
6.6%
35
21.0%
167
100.0%
Number of domestic full-time employees
0.5
0.8
119
69.6%
21
12.3%
31
18.1%
171
100.0%
Research and development spending
0.5
0.7
58
62.4%
24
25.8%
11
11.8%
93
100.0%
Marketing/advertising spending
0.5
0.8
103
68.2%
20
13.2%
28
18.5%
151
100.0%
Number of domestic temporary
employees
0.4
0.7
51
54.8%
28
30.1%
14
15.1%
93
100.0%
Prices of your products
0.4
0.9
113
65.3%
13
7.5%
47
27.2%
173
100.0%
Number of off-shore/outsourced
employees
0.4
0.6
33
45.2%
34
46.6%
6
8.2%
73
100.0%
Dividends
0.3
0.7
15
45.5%
13
39.4%
5
15.2%
33
100.0%
Share repurchases
0.0
0.4
2
4.4%
39
86.7%
4
8.9%
45
100.0%
13
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during
the next 12 months? [All Companies - Winsorized - Revenue Weighted - Sorted]
Mean
SD
95% CI
Median
Minimum
Earnings
21.15
29.07
20.26 - 22.03
12
-64.10
98.59
Dividends
17.98
34.99
15.90 - 20.05
2
-50
77.95
Capital spending
15.98
33.37
14.95 - 17.02
5
-74.30
115
Technology spending
8.00
15.60
7.41 - 8.58
5
-30
125.20
Cash on the balance sheet
7.96
25.09
7.06 - 8.86
10
-64.90
88.25
Marketing/advertising spending
6.35
15.80
5.84 - 6.87
4
-38.10
53.99
Research and development spending
5.65
8.59
5.30 - 5.99
5
-25
67.31
Prices of your products
2.61
9.16
2.32 - 2.90
2
-22.30
28.03
-0.26
2.56
-0.42 - -0.10
0
-13.50
14.57
Share repurchases
Maximum
14
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during
the next 12 months? [All Companies - Winsorized - Employee Weighted - Sorted]
Mean
SD
95% CI
Median
Minimum
Maximum
Number of off-shore/outsourced employees
7.49
12.00
7.01 - 7.97
5
-31.60
46.09
Wages/Salaries
6.38
8.30
6.16 - 6.61
5
-18.10
33.69
Productivity (output per hour worked)
6.28
9.09
5.97 - 6.59
5
-30
71.60
Health care costs
5.51
5.75
5.29 - 5.74
5
-8
26.04
Number of domestic full-time employees
4.90
18.05
4.35 - 5.44
3
-40
76.13
Number of domestic temporary employees
1.88
11.39
1.46 - 2.30
0
-25
35.99
15
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during
the next 12 months? [Public Companies - Winsorized - Revenue Weighted]
Mean
SD
95% CI
Median
Earnings
24.33
31.89
22.97 - 25.70
12
-60
98.59
Dividends
17.75
35.40
15.60 - 19.90
2
-50
77.95
0.21
30.76
-1.58 - 2.00
5
-64.90
88.25
-0.02
0.21
-0.04 - 0.00
0
-2
0
Cash on the balance sheet
Share repurchases
Minimum
Maximum
16
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
6. Relative to 2008, does your company plan to adjust its target compensation mix for 2010?
Yes
No
Total
Missing Cases = 79
Response Percent = 76.3 %
Number
156
99
255
Percent
61.2 %
38.8 %
100.0 %
95% CI
± 5.4 %
± 4.9 %
17
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
6b. How do you plan to change each of the following components as a proportion of total
compensation?
(N=156)
Mean & SD
Salary
0.5
0.7
Increase
+1
97
63.0%
No Change
0
40
26.0%
Decrease
-1
17
11.0%
Total
154
100.0%
Bonus
0.2
0.8
63
43.8%
50
34.7%
31
21.5%
144
100.0%
Equity-based
0.2
0.7
24
30.0%
44
55.0%
12
15.0%
80
100.0%
Other:
0.1
0.8
4
30.8%
6
46.2%
3
23.1%
13
100.0%
18
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
6b. How do you plan to change each of the following components as a proportion of total
compensation - Other specified
±£ëU
fee based
Other Admi exp
Others Benefits
Salary cut if situation worsen
Staff Expenses
Variable Pay
variable perks
19
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
7a. When do you anticipate domestic employment at your firm to return to year-end 2007 levels?
In six months
In 1 year
In 2 years
In 3 years
In 4 years
In 5+ years
Possibly never
Already at or exceeding 2007 levels
Total
Missing Cases = 12
Response Percent = 96.4 %
Number
32
49
80
32
4
5
23
97
322
Percent
9.9 %
15.2 %
24.8 %
9.9 %
1.2 %
1.6 %
7.1 %
30.1 %
100.0 %
Cumulative
9.9 %
25.2 %
50.0 %
59.9 %
61.2 %
62.7 %
69.9 %
100.0 %
100.0 %
20
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
7a. Estimate of the number of months before domestic employment at your firm returns to year-end
2007 levels? (excludes "possibly never" & "already exceeding")
Months
Mean = 21.50
Standard Deviation (Unbiased) = 12.13
95 Percent Confidence Interval Around The Mean = 19.83 - 23.18
99 Percent Confidence Interval Around The Mean = 19.31 - 23.70
Quartiles
1 = 12
2 = 24
3 = 24
Valid Cases = 202
Missing Cases = 0
Response Percent = 100.0%
21
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
7b. If demand for your product was to increase in 2010, would your company increase workforce in
response?
Yes
No
Total
Missing Cases = 37
Response Percent = 88.9 %
Number
212
85
297
Percent
71.4 %
28.6 %
100.0 %
95% CI
± 5.2 %
± 4.7 %
22
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
8. How would you rate your employees' morale level?
(N=334)
Mean & SD
Now
3.0
1.0
Poor
1
24
7.3%
Year-end 2007
(before crisis)
3.5
0.9
6
1.8%
Fair
2
84
25.7%
42
12.8%
Satisfactory
3
116
35.5%
89
27.2%
Good
4
83
25.4%
Excellent
5
20
6.1%
Total
327
100.0%
149
45.6%
41
12.5%
327
100.0%
23
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
9. Has your company taken any of the following actions in the past 20 months?
Reduced workforce
Eliminated or reduced overtime
Outsourced employees
Reduced wages
No actions taken
Reduced work hours
Reduced company contribution to other employee benefits
Furloughed employees
Reduced company contribution to employee health benefits
Eliminated or reduced 401(k) match
Total
Number of Cases =334
Number of Responses =838
Average Number Of Responses Per Case = 2.5
Number Of Cases With At Least One Response =334
Response Percent = 100.0 %
Number
161
141
116
95
85
69
62
42
41
26
838
Percent
48.2 %
42.2 %
34.7 %
28.4 %
25.4 %
20.7 %
18.6 %
12.6 %
12.3 %
7.8 %
95% CI
± 5.4 %
± 5.3 %
± 5.1 %
± 4.9 %
± 4.7 %
± 4.4 %
± 4.2 %
± 3.6 %
± 3.5 %
± 2.9 %
24
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
9. Has your company taken any of the following actions in the past 20 months? Will you restore
these areas to pre-recession levels during 2010?
(N=334)
Reduced workforce
No action
taken
173
51.8%
Net: Took
action
161
48.2%
Took
action
will not
restore
89
26.6%
Took
action
will
restore
72
21.6%
Eliminated or reduced overtime
193
57.8%
141
42.2%
71
21.3%
70
21.0%
Outsourced employees
218
65.3%
116
34.7%
58
17.4%
58
17.4%
Reduced wages
239
71.6%
95
28.4%
38
11.4%
57
17.1%
Reduced work hours
265
79.3%
69
20.7%
28
8.4%
41
12.3%
Reduced company contribution to other
employee benefits
272
81.4%
62
18.6%
22
6.6%
40
12.0%
Furloughed employees
292
87.4%
42
12.6%
26
7.8%
16
4.8%
Reduced company contribution to
employee health benefits
293
87.7%
41
12.3%
11
3.3%
30
9.0%
Eliminated or reduced 401(k) match
308
92.2%
26
7.8%
11
3.3%
15
4.5%
25
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
10. Has your company taken any actions in the past 20 months that you feel could reduce your
company's long-term growth prospects?
No
Yes
Total
Missing Cases = 46
Response Percent = 86.2 %
Number
178
110
288
Percent
61.8 %
38.2 %
100.0 %
95% CI
± 5.4 %
± 5.1 %
26
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
10b. Our growth prospects are reduced because … (check all that apply)
We reduced spending on training and professional development
We reduced marketing and advertising spending
We delayed or turned down attractive investment opportunities
We implemented deep cuts in workforce
We cut R&D spending
Other
Total
Number of Cases =110
Number of Responses =230
Average Number Of Responses Per Case = 2.1
Number Of Cases With At Least One Response =109
Response Percent = 99.1 %
Number
57
55
51
40
22
5
230
Percent
51.8 %
50.0 %
46.4 %
36.4 %
20.0 %
4.5 %
95% CI
± 9.5 %
± 9.5 %
± 9.5 %
± 9.1 %
± 7.6 %
± 4.0 %
27
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
11a. How much does your firm hold in cash and marketable securities?
Mean
SD
Median
Total
% Today
24.39
27.52
15
231
% One year ago
25.31
27.51
15
222
28
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
11a. How much does your firm hold in cash and marketable securities BY Credit Rating
N=334
Total
AAA/AA
A
Number
Percent
Credit Rating
A
BBB/BB
B
C
B or Less
D
334
100.0%
67
34.9%
65
33.9%
46
24.0%
14
7.3%
N
Mean
SD
231
24.4
27.5
44
31.6
32.3
cd
51
23.8
25.3
32
18.3
17.3
a
12
12.5
8.7
a
N
Mean
SD
222
25.3
27.5
43
26.9
28.3
50
23.2
24.6
31
21.0
20.5
12
16.9
10.3
% Today
% One year ago
Significance Tests Between Columns: Lower case: p<.05 Upper case: p<.01
29
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
11b. Why do you have less cash today? (Rank #1, #2, #3)
(N=76)
Other:
Mean & SD
1.5
0.8
1st
2nd
3rd
8
10.5%
1
1.3%
2
2.6%
Total
11
14.5%
Lack of cash profits
1.6
0.8
26
34.2%
8
10.5%
9
11.8%
43
56.6%
Invested cash in a new product or
business
1.8
0.7
10
13.2%
10
13.2%
4
5.3%
24
31.6%
Spent cash for acquisition(s)
1.9
0.8
6
7.9%
6
7.9%
4
5.3%
16
21.1%
Unable to borrow, so cash level depleted
2.0
0.8
3
3.9%
4
5.3%
3
3.9%
10
13.2%
Spent cash for day to day operations
2.1
0.7
8
10.5%
15
19.7%
10
13.2%
33
43.4%
Mismatching of cash inflows and outflows
2.2
0.8
7
9.2%
9
11.8%
13
17.1%
29
38.2%
Have less need for a liquidity cushion
versus one year ago
2.2
0.9
4
5.3%
2
2.6%
7
9.2%
13
17.1%
Spent cash on employee costs
2.3
0.5
0
0.0%
11
14.5%
4
5.3%
15
19.7%
30
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
11b. Why do you have less cash today? (Higher number = greater weighted importance)
Mean
SD
Total
Lack of cash profits
1.43
1.34
72
Spent cash for day to day operations
0.89
1.09
72
Invested cash in a new product or business
0.75
1.15
72
Mismatching of cash inflows and outflows
0.72
1.02
72
Spent cash for acquisition(s)
0.47
0.96
72
Other:
0.39
0.97
72
Spent cash on employee costs
0.36
0.74
72
Have less need for a liquidity cushion versus one year ago
0.32
0.78
72
Unable to borrow, so cash level depleted
0.28
0.75
72
31
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
11b. Why do you have less cash today BY Credit Rating (Higher number = greater weighted
importance)
N=72
Total
AAA/AA
A
Number
Percent
Credit Rating
A
BBB/BB
B
C
B or Less
D
72
100.0%
10
13.9%
14
19.4%
10
13.9%
8
11.1%
72
1.4
1.3
10
0.9
1.3
14
1.6
1.4
10
1.5
1.1
8
1.4
1.3
72
0.3
0.8
10
0.0
0.0
14
0.1
0.5
10
0.4
1.0
8
0.8
1.2
72
0.9
1.1
10
0.5
1.1
c
14
0.7
0.8
c
10
1.7
1.3
abd
8
0.5
0.9
c
72
0.5
1.0
10
0.3
0.9
14
0.6
1.0
10
0.5
0.8
8
0.9
1.4
72
0.8
1.1
10
1.4
1.3
c
14
0.9
1.3
10
0.3
0.9
a
8
0.5
1.1
72
0.4
0.7
10
0.6
1.0
14
0.3
0.7
10
0.2
0.6
8
0.4
0.7
10
0.6
1.0
14
0.4
1.1
10
0.3
0.7
8
0.1
0.4
Lack of cash profits
N
Mean
SD
Unable to borrow, so cash level depleted
N
Mean
SD
Spent cash for day to day operations
N
Mean
SD
Spent cash for acquisition(s)
N
Mean
SD
Invested cash in a new product or business
N
Mean
SD
Spent cash on employee costs
N
Mean
SD
Have less need for a liquidity cushion versus one year ago
N
Mean
SD
72
0.3
0.8
Significance Tests Between Columns: Lower case: p<.05 Upper case: p<.01
32
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
11b. Why do you have less cash today BY Credit Rating (Higher number = greater weighted
importance)
N=72
Total
AAA/AA
A
Credit Rating
A
BBB/BB
B
C
B or Less
D
Mismatching of cash inflows and outflows
N
Mean
SD
72
0.7
1.0
10
0.3
0.9
14
0.9
1.0
10
1.0
1.2
8
1.1
1.1
N
Mean
SD
72
0.4
1.0
10
0.7
1.3
14
0.2
0.8
10
0.0
0.0
8
0.4
1.1
Other:
Significance Tests Between Columns: Lower case: p<.05 Upper case: p<.01
33
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
11b. Why do you have less cash today? (Rank #1, #2, #3) - Other specified
cash management enhance yield
Collection issues
delayed payments by Clients
Dividends payment
Higher dividend & lower drawal of line of credit
Infrastructure Development
Loan to HQ
Long Term Assets
Low Productivity
lower revenue
relocation premises
utilised for financing clients
34
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
11b. Why are you maintaining more cash today? (Rank #1, #2, #3)
(N=70)
Saving up for potential acquisition(s)
Mean & SD
1.6
0.7
1st
2nd
3rd
14
20.0%
9
12.9%
4
5.7%
Total
27
38.6%
Have concerns about overall economic
environment; accumulating cash just to
be safe
1.7
0.7
13
18.6%
10
14.3%
4
5.7%
27
38.6%
Saving up for potential capital
expenditures
1.7
0.7
14
20.0%
16
22.9%
5
7.1%
35
50.0%
Do not have good options for putting the
cash to use
2.0
0.9
10
14.3%
5
7.1%
10
14.3%
25
35.7%
Other:
2.0
1.2
2
2.9%
0
0.0%
2
2.9%
4
5.7%
We may face constraints in accessing
outside finance in near-term
2.0
0.8
6
8.6%
7
10.0%
7
10.0%
20
28.6%
Need to show investors and banks a
healthy balance sheet
2.1
0.9
6
8.6%
5
7.1%
8
11.4%
19
27.1%
Continuing to reduce cash outlay across
the board
2.5
0.7
2
2.9%
6
8.6%
12
17.1%
20
28.6%
35
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
11b. Why are you maintaining more cash today? (Higher number = greater weighted importance)
Mean
SD
Total
Saving up for potential capital expenditures
1.18
1.24
67
Saving up for potential acquisition(s)
0.96
1.26
67
Have concerns about overall economic environment; accumulating cash just to be safe
0.94
1.24
67
Do not have good options for putting the cash to use
0.75
1.12
67
We may face constraints in accessing outside finance in near-term
0.58
1.00
67
Need to show investors and banks a healthy balance sheet
0.54
0.97
67
Continuing to reduce cash outlay across the board
0.45
0.78
67
Other:
0.12
0.54
67
36
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
11b. Why are you maintaining more cash today BY Credit Rating (Higher number = greater
weighted importance)
N=67
Total
AAA/AA
A
Number
Percent
Credit Rating
A
BBB/BB
B
C
B or Less
D
67
100.0%
16
23.9%
18
26.9%
12
17.9%
2
3.0%
67
1.0
1.3
16
1.6
1.3
c
18
0.9
1.3
12
0.4
1.0
a
2
0.0
0.0
16
1.4
1.3
18
0.8
1.1
12
1.4
1.4
2
1.0
1.4
16
0.5
1.0
18
0.9
1.1
12
0.8
1.2
2
0.5
0.7
16
0.6
1.0
18
0.8
1.3
12
0.8
1.1
2
0.5
0.7
18
1.2
1.4
12
1.2
1.3
2
3.0
0.0
16
0.6
1.2
18
0.2
0.5
12
0.5
1.0
2
1.0
1.4
16
0.4
0.9
18
0.3
0.8
12
0.7
0.7
2
0.0
0.0
Saving up for potential acquisition(s)
N
Mean
SD
Saving up for potential capital expenditures
N
Mean
SD
67
1.2
1.2
Need to show investors and banks a healthy balance sheet
N
Mean
SD
67
0.5
1.0
Do not have good options for putting the cash to use
N
Mean
SD
67
0.7
1.1
Have concerns about overall economic environment; accumulating cash just to be safe
N
Mean
SD
67
0.9
1.2
16
0.4
0.9
We may face constraints in accessing outside finance in near-term
N
Mean
SD
67
0.6
1.0
Continuing to reduce cash outlay across the board
N
Mean
SD
67
0.4
0.8
Significance Tests Between Columns: Lower case: p<.05 Upper case: p<.01
37
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
11b. Why are you maintaining more cash today BY Credit Rating (Higher number = greater
weighted importance)
N=67
Total
AAA/AA
A
Credit Rating
A
BBB/BB
B
C
B or Less
D
Other:
N
Mean
SD
67
0.1
0.5
16
0.0
0.0
18
0.2
0.7
Significance Tests Between Columns: Lower case: p<.05 Upper case: p<.01
12
0.3
0.9
2
0.0
0.0
38
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
11b. Why are you maintaining more cash today? (Rank #1, #2, #3) - Other specified
awaiting dividend declaration
change in regulations
Repay Loan Outstanding
restrictions on repatriation
39
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
12a. Does your company have a bank line of credit?
Yes
No
Total
Missing Cases = 33
Response Percent = 90.1 %
Number
192
109
301
Percent
63.8 %
36.2 %
100.0 %
95% CI
± 5.3 %
± 5.1 %
40
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
12a. Does your company have a bank line of credit BY Credit Rating
N=334
Total
AAA/AA
A
Credit Rating
A
BBB/BB
B
C
B or Less
D
Total
192
100.0%
67
34.9%
65
33.9%
46
24.0%
14
7.3%
Yes
192
63.8%
44
73.3%
43
74.1%
34
75.6%
8
66.7%
No
109
36.2%
16
26.7%
15
25.9%
11
24.4%
4
33.3%
Significance Tests Between Columns: Lower case: p<.05 Upper case: p<.01
41
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
12b. To what extent has your firm drawn on its lines of credit?
Mean
SD
95% CI
Median
Minimum
Maximum
Total
Today (% of total line of credit)
46.86
34.82
41.69 - 52.04
50
0
100
174
One Year Ago (% of total line of credit)
45.69
34.89
40.47 - 50.90
50
0
120
172
42
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
12b. To what extent has your firm drawn on its lines of credit BY Credit Rating [Only firms that
have a bank line of credit]
N=192
Total
AAA/AA
A
Number
Percent
Credit Rating
A
BBB/BB
B
C
B or Less
D
192
100.0%
44
34.1%
43
33.3%
34
26.4%
8
6.2%
174
46.9
34.8
40
36.4
31.7
Cd
41
44.9
33.1
30
57.7
32.6
A
8
67.9
30.9
a
172
45.7
34.9
38
40.8
33.8
d
41
45.8
35.9
31
52.6
33.3
8
71.9
27.5
a
Today (% of total line of credit)
N
Mean
SD
One Year Ago (% of total line of credit)
N
Mean
SD
Significance Tests Between Columns: Lower case: p<.05 Upper case: p<.01
43
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
12c. Why are you relying less heavily on your credit line? (check all that apply)
Less need for shoring up liquidity
Fewer investment opportunities, so we're borrowing less
Demand is lower for our product
Have established other sources of outside funding
To preserve credibility with bankers and investors
Other
Total
Number of Cases =55
Number of Responses =96
Average Number Of Responses Per Case = 1.7
Number Of Cases With At Least One Response =53
Response Percent = 96.4 %
Number
24
18
12
17
16
9
96
Percent
43.6 %
32.7 %
21.8 %
30.9 %
29.1 %
16.4 %
95% CI
± 13.6 %
± 12.8 %
± 11.3 %
± 12.6 %
± 12.4 %
± 10.1 %
44
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
12c. Why are you relying less heavily on your credit line BY Credit Rating [Only firms that have a
bank line of credit]
N=55
Total
AAA/AA
A
Total
Credit Rating
A
BBB/BB
B
C
B or Less
D
55
100.0%
14
25.5%
18
32.7%
6
10.9%
6
10.9%
Less need for shoring
up liquidity
24
43.6%
9
64.3%
8
44.4%
3
50.0%
1
16.7%
Fewer investment
opportunities, so we're
borrowing less
18
32.7%
6
42.9%
5
27.8%
2
33.3%
1
16.7%
Have established other
sources of outside
funding
17
30.9%
4
28.6%
7
38.9%
2
33.3%
2
33.3%
To preserve credibility
with bankers and
investors
16
29.1%
3
21.4%
6
33.3%
3
50.0%
2
33.3%
Demand is lower for
our product
12
21.8%
2
14.3%
8
44.4%
0
0.0%
1
16.7%
Other
9
16.4%
3
21.4%
3
16.7%
0
0.0%
2
33.3%
Significance Tests Between Columns: Lower case: p<.05 Upper case: p<.01
45
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
12c. Why are you relying less heavily on your credit line? - Other specified
difficulty to avail new limit
Increased funding from equity
more self finance
Raised new capital
Reduce Leverage
To reduce interest expenses
to reduce interest cost
to strengthen balance sheet
Utilisation of Internal accruals
46
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
12c. Why are you relying more heavily on your credit line? (check all that apply)
To shore up liquidity (e.g., replenish cash)
Fewer sources of outside funding
Borrow now in case access to external funds becomes more
difficult in future
To fund investment opportunities
Demand for our product has increased
Other
Total
Number of Cases =53
Number of Responses =88
Average Number Of Responses Per Case = 1.7
Number Of Cases With At Least One Response =51
Response Percent = 96.2 %
Number
30
19
Percent
56.6 %
35.8 %
95% CI
± 13.8 %
± 13.4 %
13
12
12
2
88
24.5 %
22.6 %
22.6 %
3.8 %
± 12.0 %
± 11.7 %
± 11.7 %
± 5.3 %
47
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
12c. Why are you relying more heavily on your credit line BY Credit Rating [Only firms that have a
bank line of credit]
N=53
Total
AAA/AA
A
Total
Credit Rating
A
BBB/BB
B
C
B or Less
D
53
100.0%
9
17.0%
10
18.9%
13
24.5%
2
3.8%
To shore up liquidity (e.
g., replenish cash)
30
56.6%
5
55.6%
5
50.0%
10
76.9%
1
50.0%
Fewer sources of
outside funding
19
35.8%
2
22.2%
4
40.0%
6
46.2%
1
50.0%
Borrow now in case
access to external funds
becomes more difficult
in future
13
24.5%
2
22.2%
2
20.0%
2
15.4%
0
0.0%
Demand for our
product has increased
12
22.6%
5
55.6%
b
1
10.0%
a
2
15.4%
0
0.0%
To fund investment
opportunities
12
22.6%
4
44.4%
3
30.0%
3
23.1%
1
50.0%
2
3.8%
0
0.0%
0
0.0%
0
0.0%
0
0.0%
Other
Significance Tests Between Columns: Lower case: p<.05 Upper case: p<.01
48
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
12c. Why are you relying less heavily on your credit line? - Other specified
settlement of trade
49
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
13a. Are banks more willing to make loans to your firm today compared to Summer 2008 (pre-crisis)
1=More willing
0=No change
-1=Less willing
Total
Mean = 0.2
SD = 0.7
Missing Cases = 39
Response Percent = 87.9 %
Number
105
126
53
284
Percent
37.0 %
44.4 %
18.7 %
100.0 %
95% CI
± 5.1 %
± 5.4 %
± 4.1 %
50
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
13a. Are banks more willing to make loans to your firm today compared to Summer 2008 (pre-crisis)
BY Credit Rating
N=323
Total
AAA/AA
A
Total
Credit Rating
A
BBB/BB
B
C
B or Less
D
190
100.0%
65
34.2%
65
34.2%
46
24.2%
14
7.4%
1=More willing
105
37.0%
31
55.4%
bD
21
35.6%
a
15
36.6%
1
9.1%
A
0=No change
126
44.4%
20
35.7%
28
47.5%
17
41.5%
6
54.5%
-1=Less willing
53
18.7%
5
8.9%
d
10
16.9%
9
22.0%
4
36.4%
a
0.2
0.7
0.5
0.7
bcD
0.2
0.7
ad
0.1
0.8
a
-0.3
0.6
Ab
Mean
SD
Significance Tests Between Columns: Lower case: p<.05 Upper case: p<.01
51
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
13b. Are banks more willing to make loans to your firm today compared to Summer 2008 (precrisis)? If less willing... (check all that apply)
Banks are using much more conservative lending standards
The covenants are too restrictive
Bank views my company as too risky
The rate the bank wants to charge is too high
The bank will not fully fund our project
The process takes too long now
Banks seem to care less about servicing my company
Other
Total
Number of Cases =53
Number of Responses =126
Average Number Of Responses Per Case = 2.4
Number Of Cases With At Least One Response =52
Response Percent = 98.1 %
Number
39
18
16
15
13
13
11
1
126
Percent
73.6 %
34.0 %
30.2 %
28.3 %
24.5 %
24.5 %
20.8 %
1.9 %
95% CI
± 12.3 %
± 13.2 %
± 12.8 %
± 12.6 %
± 12.0 %
± 12.0 %
± 11.3 %
± 3.8 %
52
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
13b. Are banks more willing to make loans to your firm today compared to Summer 2008 (precrisis)? If less willing... BY Credit Rating
N=53
Total
AAA/AA
A
Total
Credit Rating
A
BBB/BB
B
C
B or Less
D
53
100.0%
5
9.4%
10
18.9%
9
17.0%
4
7.5%
Banks are using much
more conservative
lending standards
39
73.6%
2
40.0%
8
80.0%
7
77.8%
4
100.0%
The covenants are too
restrictive
18
34.0%
2
40.0%
1
10.0%
4
44.4%
2
50.0%
Bank views my
company as too risky
16
30.2%
1
20.0%
3
30.0%
2
22.2%
2
50.0%
The rate the bank wants
to charge is too high
15
28.3%
1
20.0%
4
40.0%
1
11.1%
2
50.0%
The process takes too
long now
13
24.5%
2
40.0%
2
20.0%
3
33.3%
0
0.0%
The bank will not fully
fund our project
13
24.5%
2
40.0%
2
20.0%
0
0.0%
d
2
50.0%
c
Banks seem to care less
about servicing my
company
11
20.8%
1
20.0%
4
40.0%
3
33.3%
0
0.0%
1
1.9%
0
0.0%
0
0.0%
0
0.0%
0
0.0%
Other
Significance Tests Between Columns: Lower case: p<.05 Upper case: p<.01
53
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
13b. Are banks more willing to make loans to your firm today compared to Summer 2008 (precrisis)? If less willing - Other specified
Increase in lending rates
54
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
14. Does your company have profitable investment opportunities that would lead to long-term growth
but for which access to funding is restricted?
No
Yes
Total
Missing Cases = 85
Response Percent = 73.9 %
Number
131
110
241
Percent
54.4 %
45.6 %
100.0 %
95% CI
± 5.4 %
± 5.2 %
55
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
14. Does your company have profitable investment opportunities that would lead to long-term growth
but for which access to funding is restricted? BY Credit Rating
N=326
Total
AAA/AA
A
Total
Credit Rating
A
BBB/BB
B
C
B or Less
D
191
100.0%
67
35.1%
64
33.5%
46
24.1%
14
7.3%
No
131
54.4%
35
71.4%
27
57.4%
17
54.8%
7
63.6%
Yes
110
45.6%
14
28.6%
20
42.6%
14
45.2%
4
36.4%
Significance Tests Between Columns: Lower case: p<.05 Upper case: p<.01
56
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
Industry
Manufacturing
Service/Consulting
Retail/Wholesale
Other
Tech [Software/Biotech]
Banking/Finance/Insurance
Transportation/Energy
Healthcare/Pharmaceutical
Mining/Construction
Communications/Media
Total
Missing Cases = 18
Response Percent = 94.6 %
Number
95
54
33
27
23
22
20
18
12
12
316
Percent
30.1 %
17.1 %
10.4 %
8.5 %
7.3 %
7.0 %
6.3 %
5.7 %
3.8 %
3.8 %
100.0 %
95% CI
± 4.9 %
± 4.0 %
± 3.2 %
± 2.9 %
± 2.7 %
± 2.7 %
± 2.6 %
± 2.4 %
± 2.0 %
± 2.0 %
57
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
Industry (Other specified)
Agricultural
Agriculture
agriculture
Agro Business
Airlines
Auditing & advisory firm
Digital (internet)
Economic & development planning service
education/research
Entertainment
Export & Import
Financial services
FMCG
Hotel
hotel investment
investment/property development
Multi Industrial
Oil
professional services
Property Development
property developer
Renewable Energy
Retail/wholesale & manufacturing
Semiconductors
Supply chain Whse & Logistics
Travel
58
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
Sales Revenue
Less than $25 million
$25-$99 million
$100-$499 million
$500-$999 million
$1-$4.9 billion
$5-$9.9 billion
More than $10 billion
Total
Missing Cases = 9
Response Percent = 97.3 %
Number
125
76
68
14
21
3
18
325
Percent
38.5 %
23.4 %
20.9 %
4.3 %
6.5 %
0.9 %
5.5 %
100.0 %
95% CI
± 5.2 %
± 4.5 %
± 4.3 %
± 2.2 %
± 2.6 %
± 1.0 %
± 2.4 %
59
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
Weighted Sales Revenue (Millions)
Minimum = 25
Maximum = 11000
Mean = 991.50
Median = 62
Variance (Unbiased) = 6884622.78
Standard Deviation (Unbiased) = 2623.86
Standard Error Of The Mean = 145.55
95 Percent Confidence Interval Around The Mean = 706.23 - 1276.77
99 Percent Confidence Interval Around The Mean = 616.72 - 1366.28
Skewness = 3.23
Kolmogorov-Smirnov Statistic For Normality = 7.80
Quartiles
1 = 25
2 = 62
3 = 300
Valid Cases = 325
Missing Cases = 9
Response Percent = 97.3%
60
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
Number of Employees
Fewer than 100
100-499
500-999
1,000-2,499
2,500-4,999
5,000-9,999
Over 10,000
Total
Missing Cases = 57
Response Percent = 82.9 %
Number
102
65
29
26
14
12
29
277
Percent
36.8 %
23.5 %
10.5 %
9.4 %
5.1 %
4.3 %
10.5 %
100.0 %
95% CI
± 5.0 %
± 4.3 %
± 3.0 %
± 2.9 %
± 2.2 %
± 2.0 %
± 3.0 %
61
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
Weighted Number of Employees
Minimum = 100
Maximum = 12000
Mean = 2120.76
Median = 300
Variance (Unbiased) = 14147982.39
Standard Deviation (Unbiased) = 3761.38
Standard Error Of The Mean = 226.00
95 Percent Confidence Interval Around The Mean = 1677.80 - 2563.72
99 Percent Confidence Interval Around The Mean = 1538.81 - 2702.71
Skewness = 1.95
Kolmogorov-Smirnov Statistic For Normality = 5.84
Quartiles
1 = 100
2 = 300
3 = 1750
Valid Cases = 277
Missing Cases = 57
Response Percent = 82.9%
62
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
Headquarters
India
Malaysia
Singapore
Philippines
Thailand
Other (please specify)
Indonesia
Taiwan
Japan
Korea
Laos
Vietnam
Cambodia
Myanmar
Hong Kong
Sri Lanka
People's Republic of China
Pakistan
Europe
U.S.
Total
Missing Cases = 8
Response Percent = 97.6 %
Number
127
58
46
38
12
12
9
8
7
5
1
1
1
1
0
0
0
0
0
0
326
Percent
39.0 %
17.8 %
14.1 %
11.7 %
3.7 %
3.7 %
2.8 %
2.5 %
2.1 %
1.5 %
0.3 %
0.3 %
0.3 %
0.3 %
0.0 %
0.0 %
0.0 %
0.0 %
0.0 %
0.0 %
100.0 %
95% CI
± 5.2 %
± 4.1 %
± 3.7 %
± 3.4 %
± 2.0 %
± 2.0 %
± 1.7 %
± 1.7 %
± 1.5 %
± 1.3 %
± 0.6 %
± 0.6 %
± 0.6 %
± 0.6 %
± 0.0 %
± 0.0 %
± 0.0 %
± 0.0 %
± 0.0 %
± 0.0 %
63
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
Headquarters Asia (Other Specified)
Australia
Australia
Australia
Australia
Australia
australia
China
china
Jakarta
malaysia
New Delhi
Penang
Philippines
UAE
UAE
uganda
UK
64
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
If your company headquarters is another country, please indicate which country.
Australia
Austria
Austria
Bangkok
canada
Denmark
Denmark
France
France
france
Garmany
Geneva
Germa
Germany
Germany
Germany
Germany
Germany
HK
HK
Holland
HYDERABAD INDIA
INDIA
India
india
Indonesia
Japan
Japan
Japan
Japan
Japan
Japan
Japan
japan
japan
Malaysia
Malaysia
MYR
Nederlands
Netherland
New Zealand
NO
NO
Singapore
Singapore
Singapore
Sweden
swiss
Switzerland
Switzerland
Taiwan
Taiwan
Thailand
Tokyo
U.S.A.
UK
UK
65
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
If your company headquarters is another country, please indicate which country.
United States
United States
US
US
US
US
US
US
USA
USA
USA
USA
USA
USA
USA
usa
66
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
Ownership
Private
Public
Government
Nonprofit
Total
Missing Cases = 20
Response Percent = 94.0 %
Number
221
84
7
2
314
Percent
70.4 %
26.8 %
2.2 %
0.6 %
100.0 %
95% CI
± 5.1 %
± 4.7 %
± 1.5 %
± 0.8 %
67
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
Foreign Sales
0%
1-24%
25-50%
More than 50%
Total
Missing Cases = 17
Response Percent = 94.9 %
Number
90
111
32
84
317
Percent
28.4 %
35.0 %
10.1 %
26.5 %
100.0 %
95% CI
± 4.8 %
± 5.1 %
± 3.2 %
± 4.7 %
68
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
What is your company's credit rating?
AAA
AA+
AA
AAA+
A
ABBB+
BBB
BBBBB+
BB
BBB+
B
BCCC
CC
D
Total
Missing Cases = 0
Response Percent = 100.0 %
Number
14
25
24
4
40
18
7
21
6
2
9
6
2
7
3
3
0
0
1
192
Percent
7.3 %
13.0 %
12.5 %
2.1 %
20.8 %
9.4 %
3.6 %
10.9 %
3.1 %
1.0 %
4.7 %
3.1 %
1.0 %
3.6 %
1.6 %
1.6 %
0.0 %
0.0 %
0.5 %
100.0 %
Cumulative
7.3 %
20.3 %
32.8 %
34.9 %
55.7 %
65.1 %
68.8 %
79.7 %
82.8 %
83.9 %
88.5 %
91.7 %
92.7 %
96.4 %
97.9 %
99.5 %
99.5 %
99.5 %
100.0 %
100.0 %
69
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
What is your company's credit rating?
N=192
Total
Credit Rating
Actual
Estimate
A
B
Total
192
100.0%
108
56.3%
84
43.8%
AAA
14
7.3%
9
8.3%
5
6.0%
AA+
25
13.0%
16
14.8%
9
10.7%
AA
24
12.5%
12
11.1%
12
14.3%
AA-
4
2.1%
4
3.7%
0
0.0%
A+
40
20.8%
25
23.1%
15
17.9%
A
18
9.4%
8
7.4%
10
11.9%
A-
7
3.6%
3
2.8%
4
4.8%
BBB+
21
10.9%
13
12.0%
8
9.5%
BBB
6
3.1%
3
2.8%
3
3.6%
BBB-
2
1.0%
1
0.9%
1
1.2%
BB+
9
4.7%
3
2.8%
6
7.1%
BB
6
3.1%
4
3.7%
2
2.4%
BB-
2
1.0%
2
1.9%
0
0.0%
B+
7
3.6%
3
2.8%
4
4.8%
B
3
1.6%
0
0.0%
b
3
3.6%
a
Significance Tests Between Columns: Lower case: p<.05 Upper case: p<.01
70
Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009
What is your company's credit rating?
N=192
Total
Credit Rating
Actual
Estimate
A
B
B-
3
1.6%
1
0.9%
2
2.4%
CCC
0
0.0%
0
0.0%
0
0.0%
CC
0
0.0%
0
0.0%
0
0.0%
D
1
0.5%
1
0.9%
0
0.0%
Significance Tests Between Columns: Lower case: p<.05 Upper case: p<.01